The second quarter of 2021 was the busiest since not less than 2004 for the Manhattan residential scene, persevering with a shift to a vendor’s market, in response to a latest report from actual property information agency UrbanDigs.
Greater than 4,380 offers have been signed within the second quarter, up greater than 24% from the earlier quarter, and a rise of practically 600% from a yr in the past.
Over the identical time interval, the variety of new listings rose practically 33% to greater than 5,700. That is the biggest variety of new listings throughout any second quarter in UrbanDigs’ information set, which fits again to 2004, although it stays shy of the file of 6,375 set through the third quarter of 2020, because the market reopened through the pandemic.
Additionally final quarter, the greenback quantity of contracts signed surged to just about $10 billion, 30% increased than the following closest quarter, the second of 2015, and practically 750% increased than the identical interval a yr in the past.
In the meantime, time in the marketplace dropped 45% to 66 days, as purchaser demand elevated.
Costs are additionally up, and any pandemic reductions are lengthy gone. The median worth in Manhattan elevated 6.4% from the primary quarter and 14% from a yr in the past to $1.14 million.
Not surprisingly, bigger models are in excessive demand. In comparison with the earlier quarter, the median worth of models with three or extra bedrooms rose practically 7% to $3.1 million, whereas the median worth of studios slipped 2% to $600,000.
“Each week since February has seen greater than 30 contracts signed at $4 million and over, essentially the most extraordinary run since earlier than the 2008 recession,” Peters wrote in his report. “In New York, the upward worth creep has begun, particularly for models priced below $5 million and the most well liked new condominiums. It has been one of many hottest springs on file (in each sense) and the true property group anticipates a busy summer time forward.”
“This was my busiest quarter in 22 years of actual property,” Daou says.
The quarter additionally noticed an finish to the client’s market in Manhattan.
“There aren’t as many offers available as there have been earlier this yr,” says Becki Danchik, a dealer at Warburg Realty. “There are nonetheless patrons on the market who assume they’ll get a deep low cost, however these days are over.”
Warburg Realty is a founding member of Forbes International Properties, a shopper market and membership community of elite brokerages promoting the world’s most luxurious houses.